Property and equity: two pillars

Note 02

Our portfolio rests on two asset classes that differ in temperament: property, which is physical and needs upkeep; and private entity equity, which is contractual and needs good records.

Property runs on the clock of the physical world — rates, insurance and upkeep on a predictable calendar. Equity runs on the clock of governance — a truthful register, current resolutions, records that explain the position years later.

The two classes complement each other. Property supplies tangibility and an anchor; equity supplies a position whose entire substance is administrative. Held together, they check one another's failure modes.

Both are administered on the same annual cycle. For property, the year's questions are about condition; for equity, they are about governance. The standard is the same.